Good weather spells bad news for shopping malls in Greece

Spell of good weather in Greece is bad news for shopping malls

A spate of warm weather Greece has been experiencing in recent months may be good news for beachgoers but bodes poorly for shopping centers.

Unusually warm temperatures for October and September are pushing shoppers to outdoor retail districts, away from indoor malls. Experts estimates that this may have resulted in a drop in customer foot traffic of up to 30 percent at shopping malls, hurting tenant revenues.

"Normally when you have a day or two of warm weather, shoppers put off their visit to the mall until the following week," says one real estate official with experience in managing malls.

"Now with the extended period of warm weather, the shoppers are simply going elsewhere," the official adds.

Stores on Ermou street, in the heart of Athens, and retailers in beachside areas, such as Glyfada, are seen as being the winners from the hot spell.

Greece's shopping center landscape is dominated by Lamda Development that owns Golden Hall and The Mall, both located in northern Athens, and Mediterranean Cosmos in Thessaloniki.

All three are indoor shopping centers and occupancy rates are at close to 99 percent.


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